Announcing the Fetch.ai Stake Swap Event
Apr 30, 2021
The Fetch.ai staking contract is being migrated to mainnet. As part of that process we will be using the existing Ethereum staking contract to migrate FET ERC-20 tokens across the token bridge to mainnet. Up to now, many people in the community have been a little unsure about what they should do with their staked tokens, and in this article we’ll set the record straight. We’ll also explain the staking roadmap, and how it gives every FET holder the chance to migrate to mainnet or to choose not to, with minimal inconvenience and transaction fees.
The key date to remember is the 15th of July, 2021 as at this point the current Ethereum staking contract will be “paused” or “frozen” to allow the stakes of all FET holders to be migrated. After the contract freeze, we will perform an upgrade of mainnet. This will allow us to migrate the ERC-20 tokens locked in the staking contract, where they will be delegated to validators operated by the Fetch foundation. Since the Fetch.ai mainnet and Ethereum use similar signature schemes, users will be able to export their Metamask keys or passphrases to a Fetch wallet that allows them to access their tokens. People with hardware wallets will also be able to use the same device on both networks.
We’ll be providing plenty of information around the migration process, and will also run a trial run on one of our test-nets to familiarise users with the changes to staking. In the run-up to the staking event, from the 15th of June, we will reduce the unbonding period on the Ethereum staking contract to seven days to allow people who don’t wish to take part in the migration to remove their tokens from the staking contract. At this point, we’ll deploy another staking contract on Ethereum that will allow FET ERC-20 token holders to continue earning staking rewards.
The key dates for staking and the migration are:
June 15th: Lock-up period on Ethereum staking contract is reduced to 1 week
July 15th: 10:00 UTC Freezing of FET staking contract on Ethereum
July 15th: 20:00 UTC, Main-net upgrade and token migration is completed
We are excited that we’ll soon be able to offer higher rewards, lower fees and far better user experience for FET token holders. We also have an exciting program of new project launches that will stakedrop new tokens to stakers on mainnet that builds on the success of the Mettalex and Atomix launches. We’ll provide more info on these launches and our technical roadmap soon. You can find the answers to frequently asked questions around the stake swap in this post. Stay tuned for further updates!